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The Impact of Population Aging on Financial Services and Economic Development
- 1 School of Graduate Studies, Rutgers, The State University of New Jersey, New Brunswick, US
* Author to whom correspondence should be addressed.
Abstract
With the increasing aging population, it has had a profound impact on the financial services industry and economy. This study aims to explore the effect of population aging on the financial service industry and economy and propose corresponding countermeasures and suggestions. The aging population has brought challenges to the financial services industry. The increase in the elderly population has led to a rise in demand for financial products and services. Financial institutions innovate and develop financial products and services that meet the needs of older people. At the same time, the financial literacy of older people is relatively low, and financial institutions need to strengthen financial education and improve their financial knowledge level. Secondly, the aging population has had multiple economic impacts, with decreased labor supply and increased elderly care expenses putting pressure on economic growth. Financial institutions must pay attention to this trend, adjust loan policies, and support the development of emerging industries to promote sustainable economic growth. In addition, the change in the consumption needs of older adults has also brought new opportunities to the economy. Financial institutions can meet the consumption needs of older people and promote economic development through innovative products and services.
Keywords
population aging, financial services industry, economy, social influence
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Cite this article
Fang,H. (2023). The Impact of Population Aging on Financial Services and Economic Development. Advances in Economics, Management and Political Sciences,56,155-162.
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